This looks like a great potential hardware solution for LabVIEW Embedded. In fact, the LabVIEW Embedded Development Module 8.2 contains an example target for an ARM LPC229x target. There are 3 things to look for as you consider other possible targets for LabVIEW Embedded: at least 256KB of memory, a 32-bit microprocessor, and an OS.
So far, LabVIEW Embedded has run on VxWorks, eCos, Unix, Windows Console, VDK, DSPBIOS, and QNX. The kernel version of uClinux is not likely to have an effect on the experience of using LabVIEW Embedded, unless there are specific improvements in the kernel that you need to take advantage of.